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PRIVATE CLIENT

JASPAR HOUSE 24-28 CHURCH ROAD STANMORE HA7 4AW

MIXED USE TOWN CENTRE INVESTMENT IN GREATER PRIVATE CLIENT

THE ELMS TENNIS CLUB STANMORE LIBRARY STANMORE COUNTRY PARK

STANMORE STATION 0.3 MILES

JASPAR HOUSE

Outline for indicative purposes only. PRIVATE CLIENT

JASPAR HOUSE, 24-28 CHURCH ROAD, STANMORE HA7 4AW MIXED USE TOWN CENTRE INVESTMENT IN

INVESTMENT CONSIDERATIONS

■■ Rare opportunity to acquire the freehold of a prominent unbroken parade in the centre of Stanmore

■■ Mixed use building arranged over four floors comprising retail, office and residential accommodation

■■ Stanmore is an affluent with excellent communications to London

■■ Total current rent passing of £274,214 per annum

■■ Offices are currently let at a low rent of £17-£18 psf with unit 24-26 benefiting from an outstanding rent review

■■ Retail and Office AWULT of 3.7 years

■■ We are instructed to seek offers in excess of £4,500,000 (Four Million Five Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 5.72% after allowing for purchaser’s costs of 6.57%. PRIVATE CLIENT

JASPAR HOUSE, 24-28 CHURCH ROAD, STANMORE HA7 4AW MIXED USE TOWN CENTRE INVESTMENT IN GREATER LONDON

A505 Stevenage A131 Dunstable A120 Stansted Luton Luton Bishop’s A120 A120 A418 Knebworth Stortford A41 A5 A10 A1(M) A602 M1 A131 A130 Aylesbury Welwyn Garden City Hertford A414 M11 A41 Hemel Harlow A12 St Albans Hatfield Thame Hempstead M10 A414 A10 A138 J21 A414 A404 Potters Bar Chipping A4010 J20 Epping J23 Ongar J19 J25 M25 J27 A12 A1 Enfield High M1 M11 A130 A355 A10 Billericay Wycombe A413 Brentwood Stanmore J28 Wickford M40 M25 Harefield Walthanstow London Southend Airport Brent A12 A127 Cross J29 Basildon A130 A404 J16 Stratford A10 A40 Benfleet Henley-on-Thames A13 Maidenhead Slough A13 M25 A404(M) London Stanford-le-Hope J15 M4 LONDONCity Windsor A2 A20 M4 Heathrow Dartford Reading A2 Staines A316 Gravesend A329(M) Kingston Sheerness Egham Ashford J2 Bracknall Upon Thames A20 A2 Wokingham Ascot J12 Swanley M3 A309 A23 A322 A3 J3 Rochester Gillingham Chertsey Bagshot Weybridge A232 A21 M2 A33 A3 Sutton M25 M20 Sandhurst M25 Epsom Sittingbourne LOCATION Stanmore benefits from excellent communications: Shoreham Snodland J10 A24 A217 TUBE ROAD Woking AIR A23 Biggin Hill The prosperous and densely populated suburb of Stanmore A22 J9 J5 M26 M20 is situated within the in northwest Stanmore is situated on the Jubilee M3StanmoreFamborough benefits from excellent road Heathrow, Gatwick, Luton and Stansted Sevenoaks Fleet London. Stanmore is conveniently located approximately line in Travel Zone 5 and benefits from communicationsA331 lying some 2.5 miles airports areM25 within easy reach via the MI Maidstone A3 J7 11 miles northwest of , 2 miles west of Edgware, regular direct servicesBasingstoke to . west from the (Junction and M25 Motorways.J8 J6 Oxted Aldershot 4.6 miles north of Wembley, 4 miles south of Watford and The journey time into Bond Street is 4) affording easy access to both Central Reigate A26 Guildford Dorking Redhill 2.6 miles north of Harrow. approximately 35 minutes and the line London to the southA31 and the M25, some Famham A21 connects with the Metropolitan Line 8 miles to the north, providing direct links A22 Stanmore benefits from extensive residential areas which A24 Tonbridge at affording additional with the National motorwayGodalming network. M23 are predominantly affluent in their nature with many of the Horley Paddock inhabitants commuting daily to jobs in central London, The services to Central London, the City, The A410 runs through the town and links Royal Wood Staplehurst Gatwick Tunbridge City and . The current population of Stanmore Harrow, Watford and Amersham. Alton to the A41 to the eastWitley providing further Cranleigh A264 Wells Park and Canons wards is estimated at circa 23,700. access into Central London as A229 A31 well as NorthwoodA3 and Hatch Crawley Three Bridges End to the west. North A264 East Grinstead A21 Horsham A26 Horsham A22

A23 Haywards A24 Heath

Burgess Hill A22 PRIVATE CLIENT

JASPAR HOUSE, 24-28 CHURCH ROAD, STANMORE HA7 4AW MIXED USE TOWN CENTRE INVESTMENT IN GREATER LONDON

18 FOURTEEN BARBERS

BARRACUDDA DEMOGRAPHICS RESTAURANT Stanmore’s affluence as a town is demonstrated by the fact that Stanmore has 20% more Higher and Intermediate managerial, VACANT administrative or professional households than the national average. Young working professionals are well represented with 8.1% of the population aged between 25 - 29 (6.9% - national average) and 22.3% aged between 30-44 (20.6% - national average). Stanmore also has an impressively educated community with 36.8% educated to a ‘Level 4’ in comparison to the national average of 27.4%. In addition, Stanmore has a low proportion of people claiming any form benefit at 9.7% compared to the national average of 13.5%

UNIT BEING MARKETED

M18 RESTAURANT

JAZZ’S RETAIL IN STANMORE BARBER SHOP

GILLESPIE GIBBS Stanmore has a flourishing town centre with approximately 450,000 sq ft of retail space. This includes a large Sainsbury’s Superstore, Lidl Supermarket, Pizza Express, Card Factory, Nandos, Costa, Café

SCHMIDT Nero, Savers and Barclays amongst others. There is currently a very KITCHEN SHOWROOM low vacancy rate within the town centre with Stanmore benefiting from a strong mix of demand from both national occupiers and local businesses, with both looking to take advantage of the affluent catchment area and their high disposable income. The suburb of Stanmore falls within the larger retail catchment area of Harrow. Harrow is currently benefiting from a very strong retail market with a vacancy rate of just 1%. There is a considerable lack of new supply to the market, with less than 9,000 sft anticipated to be delivered in the near future. As a result vacancy rates are predicted to continue to compress with rents benefiting from this lack of supply and forecasted to increase by 0.8% (Co-Star 2018).

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JASPAR HOUSE, 24-28 CHURCH ROAD, STANMORE HA7 4AW MIXED USE TOWN CENTRE INVESTMENT IN GREATER LONDON

SITUATION The property is located on the south side of Church Road occupying a prime position in the town centre just moments from Stanmore’s busy junction between The Broadway, Church Road and Stanmore Hill. A large Sainsbury’s supermarket is located in close proximity and both Church Road and The Broadway are recognised commercial pitches within the town. Stanmore Hill is a predominately leafy and affluent residential area and leads onto Stanmore Common, a 120 acre local nature reserve and Public Park just over a mile north of the subject property. The town centre benefits from a number of national occupiers who are major drivers of footfall. National occupiers in the immediate vicinity include Lidl Supermarket, Nandos, Subway, Café Nero, Boots Opticians, Barclays Bank, Pizza Express and Prezzo amongst others.

DESCRIPTION The property comprises a four storey mixed use building with retail on the ground floor, offices on the 1st and 2nd floors and residential accommodation to the 3rd floor. The retail element consists of three units which all benefit from prominent frontages onto Church Street. The units have all been configured in such a way to maximise their sales space and have been fitted out to a high standard. The upper floors are self-contained and accessed via the main entrance lobby on Church Road with a centralised stairwell running to the office and residential accommodation. There is a further stairwell to the rear of the property which also offers access to all floors. The offices comprise 4 well-presented self-contained spaces arranged over 2 floors providing good quality office accommodation incorporating raised floors, suspended ceilings and air conditioning. The 4 offices are currently let on two leases but could be individually let if necessary. There is a lift which offers access to all floors accessed via the main lobby. The residential accommodation comprises three large flats of differing configurations. More information on the residential accommodation can be found on page 8.

RETAIL AND OFFICE AWULT 3.7 years.

TENURE Freehold. PRIVATE CLIENT

JASPAR HOUSE, 24-28 CHURCH ROAD, STANMORE HA7 4AW MIXED USE TOWN CENTRE INVESTMENT IN GREATER LONDON

TENANCY SCHEDULE

Unit Tenant Accommodation* Size (NIA) Size (NIA) Lease Lease Lease Rent Comments Sq Ft Sq M Start Review End p.a

RETAIL ACCOMMODATION

24 -26 Coffee Snobs Ground Floor Retail 2,144 199 19/11/10 19/11/20 £36,300 Further 5% discount on rent Limited t/a (955 ITZA) for masking. Costa Coffee

28 Hair on Ground Floor Retail 1,292 120 11/10/06 11/10/21 £24,750 Broadway (604 ITZA) Limited

28a Zagora NWL Ground Floor Retail 279 26 18/4/15 18/4/20 17/4/25 £10,150 Limited t/a Mail (250 ITZA) Boxes Etc

OFFICE ACCOMMODATION

24 -26 Individuals 1st and 2nd Floor 2,953 274 29/9/13 29/9/18 28/9/23 £50,000 t/a LMK Law Offices (£16.93 psf)

28 Individuals 1st and 2nd Floor 4,622 429 23/4/12 23/4/22 £83,230 t/a Parker Offices (£18 psf) Cavandish

RESIDENTIAL ACCOMMODATION & ROOFTOP ANTENNA

26 - 28 Flat 1 Individuals 1 Bedroom top floor flat 817 76 22/1/17 21/1/18 £14,100 More information on the residential 26 - 28 Flat 2 Individuals 2 Bedroom top floor flat 1,000 93 3/9/18 2/3/19 £16,500 can be found on page 8. All flats are let on ASTs which are 26 - 28 Flat 3 Individuals 3 Bedroom top floor flat 1,183 110 15/4/18 14/4/19 £19,200 available on the data room.

Roof Hutchinson Roof top antenna 8/9/11 7/9/21 £19,984 3G UK Limited and Everything Everywhere Limited

Total 14,290 1,327 £274,214

* Areas have been provided by the vendor. Floor plans are available on the data room. Any interested party should carry out their own measurement survey. PRIVATE CLIENT

JASPAR HOUSE, 24-28 CHURCH ROAD, STANMORE HA7 4AW MIXED USE TOWN CENTRE INVESTMENT IN GREATER LONDON

FLOORPLAN

Roof Terrace

Bedroom

Closet

DN

Stairs

Living / Kitchen Telecoms Cup'd

Cup'd Bathroom

Bedroom 1 Bathroom 16 m² Hall

RESIDENTIAL ACCOMMODATION Lobby Bathroom The property comprises three well-presented top floor flats with good Bedroom Hall 3 23 m² specification throughout. All three flats are large in size and benefit from an Bedroom Bedroom d

outside roof terrace. The flats provide the flowing accommodation: ' p

u Bathroom Bathroom Unit Accommodation Rent Rent Size C per annum per month (Sq ft) Cup'd

1 1 Bedroom, 1 £14,100 £1,175 817 2 Bathroom, Open Hall plan kitchen/living r

room, roof terrace e s Lift i Stairs

Living / Kitchen R 2 2 Bedrooms, 2 £16,500 £1,375 1000 Bathrooms, Open DN plan Kitchen/living Bedroom Living / Kitchen room, roof terrace 15 m² 3 3 Bedrooms, 2 £19,200 £1,600 1183 Bathrooms, Open plan Kitchen/living Roof Terrace Roof Terrace room, roof terrace

1:100 0m 1m 2m 3m 4m JASPAR HOUSE, 24-28 CHURCH ROAD, STANMORE HA7 4AW MIXED USE TOWN CENTRE INVESTMENT IN GREATER LONDON

STANMORE OFFICE MARKET Stanmore is a well-located M1 office location that has proved to be very popular with the local business community, there are a number of solicitors, accountants, property advisors and brokers that operate from the town. As of 2018 Stanmore has a total of 203,501 sq ft of office space with a very low vacancy rate of 0.6% (CoStar 2018). The demand for space in the town is strong; this is evidenced by the very short average marketing period of offices of just over 2 months. A large part of this demand has been a result of the number of office into residential conversions since the introduction of Permitted Development Rights in 2013 due to the growth of residential values in the town. PRIVATE CLIENT

PROPOSAL We are instructed to seek offers in excess of £4,500,000 (Four Million Five Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 5.72% after allowing for purchaser’s costs of 6.57%.

SERVICE CHARGE For the year ending 31 December 2018, the service charge budget has been estimated at £32,626 pa. Further information is available For further information or to make arrangements for viewing please contact: in the dataroom. PRIVATE CLIENT TEAM VAT EPC Liam Stray Ronnie Morgan The property is opted to tax. It is assumed Available upon request. 020 7543 6769 020 7543 6808 the transaction will be treated as a Transfer [email protected] [email protected] allsop.co.uk of a Going Concern (TOGC).

DATAROOM Pritesh Patel Vishal Patel For access to the Allsop dataroom please use the following link: 020 3113 2144 020 3113 2141 https://datarooms.allsop.co.uk/register/JasparHouse [email protected] [email protected] propertyinvestmentlondon.co.uk

Misrepresentation Act: 1. Allsop LLP and The Prideview Group on its own behalf and on behalf of the instructing party of this portfolio whose agent Allsop and The Prideview Group is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the instructing party does not make or give, and neither Allsop or The Prideview Group nor any of their members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: Command D - www.commandhq.co.uk 10.18